Deutsche Bank has rebutted German media speculation that it is considering a merger between its private wealth management and private and business clients units.

The Financial Times Deutschland also reported, citing people familiar with the matter, that Deutsche’s head of private wealth management, Pierre de Weck, was planning to resign as he had not been appointed to the bank’s executive board.

“We deny plans for a merger of these units,” a Deutsche spokesperson told WealthBriefing, adding that Mr de Weck “does not have any plans to leave the bank.”

Previously, in late March, Deutsche Bank moved to quash a report that Rainer Neske was set to take over as head of its private wealth management unit.

“All this speculation has been taken out of thin air,” a spokesperson said at the time.